Thursday, February 8, 2018

Roubini On Attack: Bitcoin 'Nuts" Will Hold the E-Currency Until the Price Falls to Zero

Nouriel Roubini says that in the short-term traders will use ‘wash trading’ to prop up prices. (This occurs when people buy and sell their own assets to manipulate markets.)

In a tweet he said:

As Bitcoin crashes to a $5K handle the wash traders move rapidly into action to prop it up...price and quantity action now clearly consistent with criminal wash trades...

“In my opinion, there is a gigantic speculative bubble related to bitcoin because this is neither a serious method of payment nor a good way to store capital,” he said. “Bitcoin feeds on itself” and there are no fundamental reasons for its price to reach such levels, Roubini explained to RT.

Roubini said that "HODL nuts" will hold bitcoin until it plummets to zero.the term HODL, which stands for “hold on for dear life” and originated in an online forum when someone spelled the word "hold" wrong. HODL has become a meme that is often used in times of extreme volatility in the cryptocurrency market for people holding rather than selling.